IPA, IRC AND PNG BANKS FOR SME

PNG SME is becoming a household name in many Papua New Guineans in the country. SME in a nutshell as I have explained many times stands for Small Medium Businesses. While SME is a renowned name in all the developing countries in the world, MSME is known widely in PNG. 

M stands for Micro Businesses while the word SME stands tall. Micro was included in PNG because it deems fit for many PNG informal Business owners. Micro Businesses includes

1. Buai table

2. Smoke Lus market .

3. Donnut and fried floor sales at road sides and many other businesses that people think are not eligible for registration with IPA .

I sometimes call those other Businesses like trade store and buai stalls that operate within more than 2 or 3 years without any progress  as malnourished Businesses. That in a sense that they don't expand their business but rely on their small income for many donkey years for Daily Survival. 

IPA or investment Promotion Authority is the wayforward  for all the informal and malnourished Businesses that have so far operated individually. Getting your Businesses registered with IPA and registering your business means you are formally recognised in PNG as business entity. The price to register your business name is just K200

After you register your business, get your business certificate and extract from IPA, and fill in the TIN 2 form that is available at all the IRC offices in the Country. Once you receive you TIN, you go to any bank in the country and open your SME bank account. Remember; to apply for IRC TIN is always free. There is No Charge For IRC TIN. 

Once you get the TIN, you are ready to open a business account. To open a business account you only need

1. IPA Business certificate & extract

2. TIN from IRC

3. Business profile

4. Letter of interest

5. Fill in the bank application forms

6. Attach a valid ID. Preferably 2 IDs.

It will take  2 to 3 weeks should all the above requirements are met. Once the bank account is opened, start do your deposits and withdraw and continuously do your business. 

The banks and financial institutions that are giving away SME loans in the country will rely heavily on your bank statements. Make your bank statements HEALTHY.

SME Loans are offered by;.

1. BSP.

2.. KINA BANK

3. NDB

4. TISA COMMUNITY FINANCE

5. NCSL

6. MI BANK

7. AND OTHER MICROFINANCES

It will only take you K400 in max to have a bank account opened to start doing business.

NOGAT LESS MAN. .

SAPOS YOU WOKIM BUAI SALE, BELIEVE IN YOURSELF..YOU HARDWOK MAN YE..JUST SIMPLY REGISTER AND OPEN A BANK ACCOUNT.. DEPOSIT YOUR K10 NA K20 AND WITHDRAW TO CONTINUE YOUR BUSINESS ACTIVITY. 

I  will start again the SME TRAINING IN ENGA PROVINCE FROM 28TH MARCH TILL 16TH APRIL 2022 FOR THE 5 DISTRICTS IN ENGA PROVINCE DUE TO POSITIVE RESULTS FROM THE FIRST EVER SME TRAINING IN ENGA IN JANUARY OF 2022 SPONSORED BY ENGA PROVINCIAL GOVERNMENT UNDER THE GOOD LEADERSHIP OF GRAND CHIEF SIR PETER IPATAS. 

LUKIM YUPLA LO WABAG ...

#pngsme 

#powering_potentials